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1  Bitcoin / Bitcoin Discussion / Simple to implement feature requests on: February 08, 2010, 09:00:02 AM
First request:
Optional connect to IP dialog.

BitCoin connects to the network(of peers) by getting one of a number of IP's from IRC at present, once connected to a single peer other connections can be made, so if only 1 IP on the list are available then you can connect to the network & make connections to other IP's(this is my assumption, please correct me if I am wrong).

This is somewhat similar to how Tor works, when you first start it up it attempts to connect to a public list of IP's(public bridge nodes). This list being public is accessible to organisations that want to prevent the use of Tor(for example the Chinese or Iranian government). And so as a consequence these IP's are blocked, and you cannot connect from these countries.

However there is the option to connect to the ip of a bridge (if you know one, a friend in a free country running Tor in bridge mode perhaps) and so this circumvents regime blocking attempts and is very robust.

Adding this feature will allow Bitcoin to function despite regime efforts to prevent it.
2  Economy / Economics / How divisible are bitcoins and other market/economic questions on: February 06, 2010, 09:36:45 AM
How divisible are bitcoins? Can I divide a bitcoin? as in could I spend 0.5 or 0.01 of a bitcoin?

I ask this question as practically the production of new bitcoins is finite & will become too expensive in terms of time & power in the future and if the system becomes more popular there will be more goods than BC's.

What about dwindling supply?
The current supply will eventually begin to dwindle as people lose their wallet's(removing coins from the system) & governments attempt to drain coins out (either by scamming or creating coins themselves and simply hoarding them)of the system. This is inevitable (government action against BC) as no government worldwide will allow the existence of such an anonymous currency system out of their control or supervision.

What about the need for banks?
Actually I don't think there would be a need for banks to get interest on savings, simply holding onto BC's they will increase in value as more users come into the system. So technically you'll get interest just for keeping them under your bed.

How are BC's valued(this is more of a question for NewLibertyStandard)?

As I see it(thusfar) the value of bitcoins(as in their exchange rate or the goods they can buy) is not in how much energy/time it takes to create them (this simply ensures a limited supply) but that they are accepted for goods & services.

The more goods & services that can be bought with BC the less coins it will require per good.

For example there are 2 Million BC in existence, and only one person accepts BC, & is willing to sell a single t-shirt. Then the BC value of that shirt is 2Million BC, if it we're 2 t-shirts then each shirt would cost 1Million and so forth.

Of coarse this may never happen exactly like this, a person would look at the electricity cost of making 2Million BC's(in lets say US$) and the cost of buying the t-shirt(again in US$). If it costs $100 of electricity to make 2Million BC's then of coarse the customer will just use US$ and pay $10 for the t-shirt.

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